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Knowing What You Want vs. What You Need in a Home



I believe homeownership is the American Dream. When you buy a home, though, it is important to understand the difference between what you want in a home and what you need. How can you tell the difference?

The first thing I’d advise is pulling out a pen and a piece of paper and writing down two columns. In the left-hand column, list all of the things that you have today. In the right-hand column, list all the things you want. From left to right, your list should expand. This will be the criteria you will use to shop for a new home.

Make lists detailing what you want and what you need in a home.

Whatever amenities you end up listing in the right-hand column, it’s important to keep in mind that you may not get all of them in this next purchase. If your new home doesn’t have all the amenities that you want, I would strongly encourage that you start looking for ways to save money so that somewhere down the line you can procure them.

I often see people make upgrades to their home solely as part of their strategy for selling it. This is a mistake—you’re spending money that you don’t get a dollar-for-dollar return on. If you’re making upgrades, do it for yourself first. Reap the benefits of how it contributes to the home’s sale later.

If you have any questions you’d like answered, just shoot me an email or give me a call. I’d love to help in any way I can!

How Steve Stood Out from Other Agents

“They were great. We’re going to close on the new house in about a week. Steve was available and attentive. Figuring things out when we weren’t clear about how things were going. It was great, he did a fantastic job. When we were working on getting our current home closed, we have a Solar City agreement and there was a clause in it that the underwriters/buyers didn’t like and we couldn’t figure out what the problem was and Steve was the one that managed to talk to the lender and resolve the confusion and keep things moving along. And he was so available and willing to explain things and made us feel like we were in good hands. I don’t think other Realtors would have done that for us.“

Structuring an Offer in Portland With Our Current Market


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You’ve found the perfect home, and you’re ready to write an offer. What should that offer look like relative to price? The answer depends largely on the market. In today’s real estate market, we’re not seeing those situations where you can be much - if at all - under the asking price. If it’s a beautiful home in a great area, expect to pay more than asking price.
 

One of the ways we reiterate this information is our Market Overview Report. This month for Northwest Portland, the report shows a list-to-sales price ratio of 97.7%; so we’re getting 97.7% of asking price with an average sales price of $557,000. There are also 142 homes for sale on the market, with 229 currently pending. That’s 161.3% of the overall market with a 1.37-month level of inventory.


IF YOU'RE READY TO WRITE AN OFFER, EXPECT TO PAY MORE THAN ASKING PRICE.


For Northeast Portland, we’re seeing a list-to-sales price ratio of 99.1%. That’s telling you that many homes are selling for well over asking price. There are also 175 homes for sale, with 353 pending in the spring market, so 201% of that whole market is basically pending. And, finally, it shows a month of inventory number of .93 - not even a month’s worth of inventory.

These numbers explain how the market is so explosive right now. We like to use this information we produce monthly to understand the market a bit more specifically from our point of view, which we can then turn around and use to educate our clients. They can then see factually what’s going on in the market and why their offer needs to be strong. If you want to know what’s going on in a different part of Portland than where you live, for instance, it’s a great way to keep your finger on the pulse.

Shoot us an email if you’d like to see this report delivered to your own inbox, and if you have any other questions don’t hesitate to call.